Whether you have an accountant or crunch the numbers yourself, you can never be too prepared for tax time. Being organized could mean less stress and possibly a better return.
Here are some things you can do before year’s end:
Gather up all your receipts — Many receipts, like donations or work-related expenses, could be written off on your taxes.
List life events — Write down dates of life-changing events such as childbirth, purchase of a home, education enrollment, medical procedures, etc.
Research deductions and credits — Find out what deductions you are entitled to and what credits you could qualify for, from childcare to property taxes.
Give to charity — Now’s the time to give to a 501(c)(3) non-profit organization and add the receipt to your files. Each contribution counts.
Contribute more to retirement — If you find yourself with some extra money, put it toward your 401(K) or similar retirement fund.
Taking these steps before December 31 could really help you have an easier and more beneficial Tax Day next year. If you find yourself owing on taxes, be sure to turn to Lendmark Financial for your personal lending solution. We can help you cover your taxes, or any other unexpected expense you may be facing.